Publication Offers Strategies for Dealing with Collectors

"How to Deal with Debt Collectors" - the headline of an article published Monday by Forbes - is likely a title met with reservations by anyone in the business of collections. 

The conclusion of the story also is certain to send chills across the industry, including the sentence “Debt collection agencies have a lot less power than you think, especially if you have limited funds.”

"Debt collection agencies are infamous for aggressive collection tactics, which can include harassing customers and threatening them with litigation, wage garnishment and asset seizures," the article begins. "Little surprise that the federal Consumer Financial Protection Bureau  says debt collection tops its complaints from consumers 62 and older."

The article is written by a contributor described by Forbes as a former banker turned consumer advocate.

Collections & Credit Risk encourages readers to review the full article and let us know what you think of the payment strategies offered to consumers. Does it have any glaring omissions? Is the overall tone fair?

Readers also should feel free to let us know whether you believe the mainstream media's overall portrayal of the collection industry is more fair in 2015 than it was a decade ago or two decades ago. 

Write Darren Waggoner, chief editor, at darren.waggoner@sourcemedia.com or comment directly using the "comment" link. Your comments, with your permission, could be included in a future article.